Tag
Wheat
2019 wheat production in Russia: outlook remains optimistic on ample rains and fast planting
The weather remains favorable for the new Russian wheat crop. In recent weeks almost all key regions received 100-150% of normal rains boosting the moisture reserves during the important period of the season.
Bumper Black Sea wheat crop ahead as local farmers describe the weather as “almost ideal”?
Wheat planted in Russia at a record pace and the weather is good. Will country harvest another bumper crop in 2019?
Russian FOB wheat prices were declining in April
Russian FOB wheat prices were declining in April. As of the end of the month, 12.5% wheat with the nearest delivery is traded around $218-219/mt. This is 3.5% lower than at the beginning of the month.
Russian wheat exports slow down
Russian wheat exports continue to slow down. In March 2019 the country exported 1.9 mmt of wheat (-16% MoM; -52% YoY).
Russian wheat yields are growing
Growing yields are the key driver behind the increase of production of wheat in Russia.
Russia can produce another bumper wheat crop in 2019
Russian wheat looks good in the beginning of April. It was another mild winter, favorable for the new crop with enough snow in majority of regions and no temperatures low enough to threaten new crop yields.
Russian wheat FOB prices stabilize after a sharp sell-off
At the beginning of April, Russian wheat prices stabilize after a sharp sell-off in March. As of April 8, prices for 12.5% protein wheat (FOB deep sea ports) stood at $226/t.
Top 3 destinations for Russian wheat in February 2019
In February Russia exported 2.2 mmt of wheat compared to 2.4 mmt in January and 3.3 mmt a year ago. Amid lower export volumes Russia rely more on traditional buyers.